RBI has recently introduced digital currency. This historic move will not only help in strengthening the digital economy of the government but will also give a blow to the reign of US dollar. If experts are to be believed, after the Ukraine war, the way America banned Russia’s foreign exchange reserves.
Due to this, many countries understood that the dollar cannot be depended on for global trade. Digital currency can reduce this concern of countries around the world.
The path shown by Iran and now Russia may have an impact in the coming days that India will insist on the option of rupee transactions in business with other countries. Due to this, the dependence on the dollar will be reduced and exports will get a boost.
RBI Executive Director Ajay Kumar Chaudhary says that digital currency will bring efficiency in the system. Apart from giving new flexibility in the mode of payment, it will also promote overseas payments. Social and economic consequences will also be avoided. Digital Rupee can be used for payments through UPI, NEFT, RTGS, IMPS, Debit/Credit cards etc. This is different from traditional online transactions. PLC